All Forum Posts by: John Romero

Specifically "Flushmate", power assisted flushing. I'm going to be purchasing my first multi family property and would like to keep the "clogged toilet" calls down to a minimum. Considering replacing the three toilets in the building with three commercial power assisted flush toilets. You know the ones with the jet inside the tank.

Think this is a good idea to keep the clogging down to a minimum?

On the 2nd floor of a Multi Family property I am considering, there is a wooden staircase that needs to be replaced. To save space, would a spiral staircase be a legal means of egress? The property is in NJ i have been searching but can't find the info...

Anyone know for certain?

http://www.rentpayment.com/

Above is the website. Why wouldn't I be able to write this into the contract that the only method of payment is through this company.

Since I am not discriminating against anyone for race, sex, or religion I do not see the legal issue. A paraplegic, old person who does not trust a bank, and a person with no bank account can live elsewhere. These are the terms to live HERE, if that is an issue, go elsewhere...

Sounds tough, but why couldn't you say that?

I was thinking of writing into my lease that tenants are required to pay rent through an online rent collection website. Can I legally require new tenants to pay rent online and that no checks/cash will be accepted?

Hi Everyone,

I'm considering purchasing a property and renting it out in my home state of New Jersey. However, if I choose to move south to another state in the future, how much more difficult does it become to continue to be a landlord? I know a reputable property management company would be needed to handle minimal service calls since I would be too far away from the property.

If anyone currently owns rental property out of state, how is it going for you?

Any advice is greatly appreciated!

Rentals in this area are annual, single family homes are rented to groups. The rate depends on the number of bedrooms, and yes, common areas are shared like bathrooms, living room, and kitchen.

As far as cleaning is concerned, that is not something landlords in the area typically do. (It's a nice bonus, but not something seen here). As far as rules are concerned, they will all be outlined in the lease, common terms.

Mark I appreciate the inside scoop, if you could PM me their information (email or phone) i'd appreciate it! Thanks!

$4500 comes from past tax records in Central NJ.

Hi everyone,

I've been away from BP for a few months, out in the field looking for properties, running my own numbers, etc, etc.

I recently found a property that I am considering for a Student Rental and perhaps you can review my numbers and comment if i'm going in the right direction...

Purchase Price: $90,000
Rehab: $35,000
ARV: $160,000
Insurance: $1000
Property Taxes: $4500

Potential Rent:
5 Bedrooms @ $400/bedroom : $24,000 (Annual Gross)

I've used a few forms, just wanted to get some other opinions...

Thanks
:D

How much does a municipality (I'm in NJ) charge to install a water meter that has been removed when the property became vacant?

The current property i'm working on has been winterized and the township has removed the water meter.

Thanks!

Hi Everyone,

I'm considering purchasing a single family property, 5 bedroom 1.5 bathroom house and using it as a college student rental. I can get the house at a discount due to a flooded basement caused by a ruptured water main break. With that said, the house needs a new boiler (among other things!)

My question is, I can replace the existing, rated 82% AFUE Boiler for approx $2500, or install an efficient, rated 93% AFUE boiler for $4000.

Tenants will be paying for heat, is the extra $1500 for a "super efficient" boiler justified? Or will tenants simply see any clean, new boiler as an added bonus regardless if it's 10% less efficient?

Thanks!